Selling Real Estate in a Slow Market- By: Jamie Mathwig
It may not be the ideal real estate market to sell in, but that doesn't mean that houses arenít being bought and sold every day. Of course a person who is selling their home would love to list in a seller's market, but in these days and times this obviously isn't the case. There are, however, a few things you can do to increase your chances of getting that sale at the price you feel you deserve in today's market.
For one thing, learn the market in your region right away. Be aware of your competition by learning what houses in your area have sold for, and are currently selling for. It's not enough to simply list your home for what it's appraised for, or what you feel it's worth. When selling in a slow market, it's necessary to think outside the box to ensure that your home doesn't get overlooked while others in your area are selling.
It's a known fact that the longer a house is on the market, the less likely it is to sell. This is why it is so vital that you price your home right. A safe bet is to price your home in accordance to similar homes in your neighborhood. The last thing you want to do is turn off potential buyers by listing significantly higher than similar homes, because yours is the one that will be left behind.
Something that cannot be stressed enough is for sellers to make sure that their home is as attractive, and therefore appealing as possible. You want to make a positive first impression on those who are your potential homebuyers. The simple things that you can do are get rid of excess clutter, landscape and tidy the exterior, and ensure your home is well-lit when viewed.
Show your home every opportunity that you get. If your realtor contacts you at short notice, and it might be inconvenient for you to round up the kids and the dog to get out of the house for the showing, make it work. This could be the difference between a sale and no sale so you must take advantage of every opportunity, especially when selling your home in a slow market.
If you do receive an offer early on in your home's listing, you might want to take it. Often sellers decide to hold out thinking that this is a signal that there is great interest in their home and they can get more for it. Although this is possible, you may find yourself regretting this decision if months or years go by, so be aware.
If it's an option for you to wait for the market to turn around, then why not wait. If that isn't an option or the choice you want to make, simply consider the ways that you are more likely to get your home sold in a market that is less than favorable to a seller.
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